Chapter 14. Trade Documents
1. Overview
The trade documents required will vary according to the underlying sales contract.
Documents are divided into "Financial documents" and "Commercial documents".
1) "Financial documents" means bills of exchange, promissory notes, cheques, or other similar instruments used for obtaining the payment of money;
2) "Commercial documents" means invoices, transport documents,
documents of title or other similar documents, or any other
documents whatsoever, not being financial documents.
3 Bill of exchange defined.
(1) A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
(2) An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange.
(3) An order to pay out a particular fund is not unconditional within the meaning of this section; but an unqualified order to pay, coupled with (a) an indication of a particular fund out of which the drawee is to re-imburse himself or a particular account to be debited with the amount, or (b) a statement of the transaction which gives rise to the bill, is unconditional.
(4) A bill is not invalid by reason—
(a) That it is not dated;
2. Bill of Exchange(Draft)
A bill of exchange (or draft) is a convenient method of collecting debts internationally with a special status.
FIRGURE Bill of Exchange
The Bills of Exchange Act 1882 (England), applicable to the whole of the
UK, defines a bill of exchange as follows:
(b) That it does not specify the value given, or that any value has been given therefor;
(c ) That it does not specify the place where it is drawn or the place where it is payable.
(http://www.legislation.gov.uk/ukpga/Vict/45-46/61/contents)
① BILL OF EXCHANGE
NO. ② 1214 DATE ③ May 10, 2012 Seoul Korea FOR ④ U$2,000,000
AT ⑤ 90 DAYS AFTER B/L OF ⑥ THIS FIRST BILL OF EXCHANGE (⑦ SECOND OF THE SAME TENOR AND DATE BEING UNPAID) PAY TO ⑧ KOREA EXCHANGE BANK OR ORDER THE SUM OF ④ SAY US DOLLARS TWO MILLION ONLY
⑭ VALUE RECEIVED AND CHARGE THE SAME TO ACCOUNT OF ⑨ UHSA ELECTRONICS (INDIA) PVT. LTD. A-137, OKHLA, PHASE-11, NEW DELHI-110020 DRAWN UNDER INDIAN FOREIGN BANK, F-37, JANPATH NEW DELHI L/C NO. ⑪ 275/IFB/31/21 dated ⑫ MARCH 20, 2012 TO ⑩ INDIAN FOREIGN BANK ⑬ SAM-A PLASTIC CO., LTD.
F-37, JANPATH NEW DELHI
ChulSooKim
CHUL-SOO KIM PRESIDENT
① BILL OF EXCHANGE
NO. ② 1214 DATE ③ May 10, 2012 Seoul Korea FOR ④ U$2,000,000
AT ⑤ 90 DAYS AFTER B/L OF ⑥ THIS SECOND BILL OF EXCHANGE (⑦ FIRST OF THE SAME TENOR AND DATE BEING UNPAID) PAY TO ⑧ KOREA EXCHANGE BANK OR ORDER THE SUM OF ④ SAY US DOLLARS TWO MILLION ONLY
⑭ VALUE RECEIVED AND CHARGE THE SAME TO ACCOUNT OF ⑨ UHSA ELECTRONICS (INDIA) PVT. LTD. A-137, OKHLA, PHASE-11, NEW DELHI-110020 DRAWN UNDER INDIAN FOREIGN BANK, F-37, JANPATH NEW DELHI L/C NO. ⑪ 275/IFB/31/21 dated ⑫ MARCH 20, 2012 TO ⑩ INDIAN FOREIGN BANK ⑬ SAM-A PLASTIC CO., LTD.
F-37, JANPATH NEW DELHI
ChulSooKim
CHUL-SOO KIM
Bills of exchange are often issued in sets (two). A bill of exchange will look like the following illustration.
(No. 1 Bill of Exchange)
(No. 2 Bill of Exchange)
PRESIDENT
【지급기일의 유형】
ⅰ) 일람출급 : 어음의 지급을 위하여 지급인에게 제시하는 날이 어음의 만기일이 된다. 즉 지급 인에게 제시하면 지급인은 바로 지급해야 한다. 지급기일을 기재하는 난에 ‘at sight'로 기재 한다. (일람불환어음 : sight bill, sight draft)
ⅱ) 일람후정기출급 : 지급인에게 제시된 날로부터 일정기간이 지난 후에 어음의 만기일이 된다.
지급기일을 지재하는 난에 ‘at ___ days after sight'라고 기재한다.
ⅲ) 확정일자후정기출급 : 특정일로부터 일정기간이 지난 후에 어음의 만기일이 된다. 지급기일 을 기재하는 난에 ‘at ___ days from(after) B/L date' 등으로 기재한다.
ⅳ) 확정일출급 : 어음상에 확정된 날, 즉 만기일을 기재하며, 그 날자가 만기일이 된다.
* 일람후정기출급, 확정일자후출급, 확정일출급 → 기한부환어음(time draft, usance bill, term bill)
①환어음의 표시 : 환어음의 명칭(Bill of Exchange)을 기재하는데, 통상 환어음양식에 인쇄 되어 있다.
②환어음 번호 : 환어음의 번호를 기재한다. 발행자가 자신이 정한 방식에 따라 번호를 기재 하는데, 필수사항은 아니다.
③발행일 및 발행지 : 환어음의 발행일과 발행지를 기재한다. 수출자가 환어음을 발행하므로 발행지는 통상 수출국이 된다. 발행지는 어음법 적용의 근거가 되며, 환어음의 효력은 발 행지법에 의하므로 반드시 기재해야 한다.
④환어음금액 : 환어음금액을 기재한다. 통상 전반부에는 숫자를 후반부에는 문자를 기재한 다.
⑤환어음의 지급기일 : 환어음의 지급기일을 기재한다. 지급기일에는 다음과 같은 유형이 있다.
⑥복본번호 : 환어음은 동일한 내용의 환어음을 2통 발행하는 것이 통례이고, 이 경우 각 어음에 번호를 붙여야 한다. 첫 번째 환어음은 ‘This First Bill of Exchange', 두 번째 환어 음은 ’This Second Bill of Exchange'라고 표시한다. 이러한 표시가 없으면, 별개의 환어음 으로 본다. 2통 이상 발행되는 환어음을 “set bill"이라고 하고, 1통만 발행되는 환어음을
”sole bill"이라고 한다.
⑦파훼문구 : 2통 이상 발행된 복본어음(set bill)은 각 환어음이 동일한 효력을 가지고 있으 나, 어느 1통의 환어음이 지급되면 다른 환어음은 자동적으로 효력을 상실한다. 이것을 분명히 하기 위해 파훼문구를 기재한다.
⑧수취인 : 환어음의 수취인(payee)을 기재한다. ‘Pay to ~' 다음에 기재되는 자가 수취인이 되는데, 수출자 본인을 기재할 수도 있지만, 환어음을 매도하는 경우 매입은행을 수취인으 로 기재한다. 수취인을 기재하는 방식에는 다음의 3가지가 있는데, 환어음의 양도를 용이 하게 하기 위해 지시식이 많이 이용된다.
- 지시식 : Pay to XXX Bank Or Order, Pay to the order of XXX Bank
- 기명식 : Pay to XXX Bank - 소지인식 : Pay to Bearer
⑨계정결제인 : 계정결제인(accountee)을 기재한다. 신용장거래의 경우 지급인은 개설은행이 지만, 계정결제인은 수입자가 되므로 수입자를 기재한다.
⑩지급인 : 지급인(drawee)을 기재한다. 무신용장방식(D/P, D/A 등)에서는 수입자가 지급 인이 되며, 신용장거래의 경우 개설은행이 지급인이 된다. ‘TO ~'이하에 지급인을 기재한 다.
⑪신용장 또는 계약서 번호 : 환어음 발행의 근거가 되는 신용장이나 계약서의 번호를 기재한다.
⑫신용장개설일 또는 계약체결일 : 신용장개설일 또는 계약체결일을 기재한다.
⑬어음발행인의 기명날인 : 어음발행인(drawer)이 기명날인해야 한다. 통상 수출자가 어음발 행인이 된다.
⑭ "VALUE RECEIVED"는 발행인이 어음의 대가를 수령했다는 것을 의미하는데, 이는 환어 음이 발행인의 수령증으로 사용되었던 관습에 따른 것이다. “CHARGE THE SAME TO ACCOUNT OF XXX "는 신용장방식에서 발행인이 지급인에게 "XXX"의 계정으로 청구하 라고 지시하는 것이며, ”XXX"에는 수입자를 기재한다.
A bills of exchange is ‘negotiable instruments’ unless there is some
provisions to the contrary. A bill of exchange is independent from the
underlying sales contract.
83 Promissory note defined
(1) A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.
(2) An instrument in the form of a note payable to maker’s order is not a note within the meaning of this section unless and until it is indorsed by the maker.
(3) A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell or dispose thereof.
(4) A note which is, or on the face of it purports to be, both made and payable within the British Islands is an inland note. Any other note is a foreign note.
3. Promissory Note
A promissory note is also a negotiable instrument similar to a bill of exchange except there are only two parties.
The Bills of Exchange Act 1882 (England) defines a promissory note as :
(Promissory Note)
Promissory notes are widely used as debt instruments where a borrower
issues a promissory note promising to pay the lender the amount of the
advance on the specified due date.
PROMISSORY NOTE Place of issue:
Date of issue:
Value:
Issuer:
For value received, we ABC Co with Commercial Registration number --- as the issuer, unconditionally and irrevocably undertake to pay to the order of [수취 인 ] the sum of US$ [ ] on demand.
The holder may obtain recourse without notice or protest of non-payment.
Signature of Authorised Representative of Issuer:
[NAME]
For and on behalf of [STAMP]
(보충설명)
· undertake : 부담하다. 책임을 지다.
· undertake to pay : 지급책임을 지다.
· to the order of ∼ : ∼의 지시식에 따라
· on demand : 지급청구하면
· holder : 소지인(환어음, 약속어음, 수표 등 유가증권의 소지인)
· recourse : 소구권(어음, 수표가 부도되는 경우 소지인이 그 이전의 권리자(즉 어음, 수표의 발행인, 양도인 등)에게 지급청구할 수 있는 권리
· protest of non-payment : 지급거절증서(어음이나 수표에서 소구권을 행사하기 위해서 는 지급인이 지급하지 않았다는 공정증서인 지급거절증서를 제시해야 한다.
이것은 소구권행사에 장애가 될 수 있기 때문에 통상 어음에 지급거절증서 가 면제된다고 기재한다.)
· for and on behalf of ∼ : ∼을 대리하여
4. Bill of Lading
A bill of lading is an acknowledgement that the goods have been shipped on board, and also a separate transportation contract with the shipping company.
In principle the buyer cannot get access to the goods under a bill of
lading without possession of this document.
1. Shipper SAM CORP
300 SEORIN-DONG JONGRO-GU SEOUL, KOREA
B/L NO.
OSA0820RM003
○○○ MARINE Co., LTD.
2. Consignee
TO ORDER
BILL OF LADING
RECEIVED by the Carrier from the Shipper in apparent good order and condition unless otherwise indicated herein, the GOODS, the container(s) or package(s) said to contain the cargo herein mentioned, to be carried subject to all the terms and conditions provided for on the face and back of the Bill of Lading by the vessel named herein or any substitute at the Carrier's option and/or other means of transport, from the place of receipt or the port of loading to the port of discharge or the place of delivery shown herein and there to be delivered unto order or assigns.
If required by the Carrier, this Bill of Lading duly endorsed must be surrendered in exchange for the Goods or delivery order.
In accepting this Bill of Lading, the Merchant agrees to be bound by all the stipulation, exceptions, terms and conditions on the face and back hereof, whether written, typed, stamped or printed, as fully as if signed by the Merchant, and local custom or privilege to the contrary notwithstanding, and agrees that all agreements or freight engagements for and in connection with the carriage of the Goods are superseded by this Bill of Lading.
In witness whereof, the number of original bills of lading stated herein, all of this tenor and date, has been signed, one of which being accomplished, the others to stand void.
3. Nortify Party YAMA Corporation 7-76, KITA-ITAMI, ITAMI-SHI, HYOGO 664-0831, OSAKA, JAPAN
4. Pre-Carriage By 5. Place of Receipt BUSAN, KOREA 6. Ocean Vessel &
Voyage
XHEUNG-A ULSAN 870S
7. Port of Loading BUSAN, KOREA 8. Port of Discharge
OSAKA, JAPAN 9. Place of Delivery
OSAKA, JAPAN 10. Final Destination
OSAKA, JAPAN 11. Marks and Numbers
88
N/M
CFS/CFS FREIGHT PREPAID
12. No of containers or Pkgs
CARTONS
13. Description of Packages and Goods
SAID TO CONTAIN
88 CTNS(7,000 PCS) OF MICRO FIBER GOODS
CLEANING MATERIALS INVOICE NO. SJY-081003 L/C NO. 41-0374144-○○○
ON BOARD OCT 02, 2008
14. Gross Weight 412.00 KGS
15. Measurement 2.492 CBM
16. Description of Goods For Shipper's Use Only 17. Total No. Containers or
Pkgs(In Words) EIGHTY EIGHT(88) CARTONS ONLY 18. Freight and Charges
PREPAID AS ARRANGED
19. Revenue
Tons 20. Rate 21. Per 22. Pre-Paid 23. Collect 24. Freight Payable At
SEOUL
25. No of Original B(s)L THREE(3)
26. Place of Issue & Date SEOUL, KOREA, OCT. 02, 2008 27. For Delivery of Goods, Please Apply to :
NICE SHIPPING INC.
TEL. NO. : 81-6-6536-2453
CONTACT : OWASA NISHI ○○○ MARINE Co., LTD.
Acting As a Carrier (Terms Continued on Back Hereof)